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Cardtronics plc (NASDAQ:CATM) Q3 2018 Antithesis Appointment Alarm November 1, 2018 5:00 PM ET

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Executives

Bradley Conrad – EVP and Treasurer

Edward West – CEO

Gary Ferrera – CFO

Analysts

Timothy Willi – Wells Fargo

Andrew Jeffrey – SunTrust Robinson Humphrey

Kartik Mehta – Northcoast Research

Robert Napoli – William Blair

Reginald Smith – JPMorgan

Operator

Good day, ladies and gentlemen, and acceptable to the Cardtronics’ Third Assay 2018 Antithesis Appointment Call. At this time, all participants are in a listen-only mode. Later, we will conduct the question-and-answer affair and instructions will chase at that time. [Operator Instructions] And as a reminder, this appointment is actuality recorded.

I would now like to acquaint your host for today’s conference, Mr. Brad Conrad, Executive Vice President and Treasurer. You may begin.

Bradley Conrad

Thank you. Acceptable afternoon, and acceptable to Cardtronics’ Third Assay 2018 Appointment Call. On the alarm today, we accept Ed West, Chief Executive Officer; and Gary Ferrera, Chief Banking Officer. We will alpha with able animadversion and afresh booty questions.

Before we begin, a cautionary annual apropos advanced information. During the advance of this call, we will accomplish assertive advanced statements apropos approaching events, after-effects or performance. Any advanced statements fabricated on this alarm are accountable to risks and uncertainties, including, but not bound to, events, bazaar altitude and added risks and uncertainties that could annual complete after-effects to alter materially.

Please accredit to our antithesis absolution and our letters filed with the SEC, including our Form 10-K for the year concluded December 31, 2017, which alarm advanced statements and accident factors and added contest that could appulse approaching after-effects and added factors that could appulse our business.

The statements on this alarm are fabricated as of the date of this alarm and are based on accepted advice and may be anachronous at the time of any epitomize of this call. We accept no obligation to amend any advanced statements fabricated today to reflect contest that action or affairs that abide afterwards the date on which they are made.

In addition, during the advance of this call, we will advertence assertive non-GAAP banking achievement measures. Our assessment apropos the annual of such measures, calm with a adaptation of such measures to the aing GAAP measure, is included in our antithesis absolution issued this afternoon and accessible on our website.

We’ve additionally acquaint added Broker abstracts apropos the third assay after-effects on our website.

With that, I will about-face the alarm over to Ed.

Edward West

Thank you, Brad, and welcome, everyone. My animadversion today will focus on 3 key takeaways from the quarter. First, we are active on the priorities that we categorical at the alpha of the year and the after-effects were assuming up in our operational and banking performance, best conspicuously in chargeless banknote breeze generation. We accept already generated added banknote in the aboriginal nine months of this year against all of 2017.

Second, our transaction-driving initiatives in the U.S. are architecture momentum, and our unparalleled arrangement is accepting strength. This is apparent by abiding to amoebic advance in our bigger market, the U.S. And third, our chat with banking institutions is acceptable added strategic. And if the arch banking institutions added see our belvedere as a agent to bear chump growth, enhance acquaintance and business efficiency, Cardtronics is evolving into a band-aid provider.

I’ll alpha my comments today with North America, breadth we had accession acceptable quarter. Excluding 7-Eleven, ATM operating revenues in North America were up 3% on a connected bill basis. This is a aftereffect of active our priorities and blame the articulation to the amoebic advance this year from a abrogating aggregate of 2% in 2017 while at the aforementioned time convalescent margins aback 7-Eleven is afar from the results.

Recent achievement was apprenticed by a aggregate of U.S. same-store transaction advance and advance in arrangement and bank-branding revenues. Year-over-year advance in same-store withdrawals in the U.S. was about 6% for the assay apprenticed by double-digit advance in surcharge-free withdrawals led by Allpoint.

When normalizing for added affairs changes, the advance aggregate was about 4%. This Allpoint-driven transaction advance is actuality fueled by connected advance from abacus new banking institutions to the arrangement as able-bodied as accretion acquaintance and acceptance by the complete chump base.

In total, same-store surcharge-free transaction advance at our aggregate retailers accounted for over 3 actor incremental affairs during the quarter. Our arrangement is carrying millions of consumers which makes for blessed retailers. We saw advance beyond all of our key resale segments, including pharmacy, grocery and convenience. Again, this is a attestation to the adeptness of our arrangement and deepening relationships with banking institutions and retailers.

On that note, I’d like to accord you an archetype of one of the drivers of the transaction advance and deepening key chump relationships. We afresh broadcast our abiding affiliation with Basic One during the assay to accommodate 3 added markets in California. Alpha in 2015, this accord now includes added than 300 Basic One-branded and deposit-taking locations beyond the country at one of our top retail partners, Target.

This is in accession to our abiding Allpoint relationship, breadth we’ve apparent cogent transaction advance with volumes ascent at every above banker aural Allpoint in 2018. Basic One is a abundant accomplice and an archetype of a above coffer that ethics our arrangement of locations to accommodate ATM and drop solutions to their customers.

Our arch surcharge-free arrangement of acceptable ATMs continues to address to banking institutions of all sizes. We added 26 new accommodating banking institutions to Allpoint during the quarter, enabling an added 400,000 cardholders with surcharge-free ATM access. Allpoint is additionally experiencing broadcast absorption from the advance of digital-only banks and platforms attractive for civic banknote admission to accompaniment their agenda chump experience.

We afresh active an acceding with MoneyLion, a growing agenda chump platform, and we apprehend to see added new business and affairs in this articulation action forward. Several of the market’s bigger complete retail banks and agenda banking platforms like Basic One 360, USAA, Ally, and Finn by Chase already advantage the adeptness of Allpoint’s civic surcharge-free access.

We additionally abide to see appeal in our aggregate branding product. Beforehand in the quarter, we accomplished a branding accord with Coffer of the West, one of the bigger banks in the nation, branding over 140 ATMs in baddest Walgreens locations in California and Colorado. We additionally began a branding accord with the Aboriginal National Coffer of Omaha, a arch Midwest academy and a coffer with the bigger drop abject in Nebraska. Aboriginal National Coffer of Omaha is branding 146 ATMs in retail aliment such as Costco, CVS, Target and Walgreens, to name a few.

Our managed casework solutions abide to body as FIs attending to focus their assets on their aggregate priorities. With our able clue almanac of managing both banknote allocate and drop ATMs for some of the bigger FIs in North America, there’s a growing absorption and action in the managed casework space. And we now accept over 2500 managed casework ATMs beneath arrangement with FIs in North America, demonstrating the assurance that they accept in our belvedere and our annual commitment capabilities. Now that cardinal is over 3600 aback you accommodate our managed casework of ATMs in Australia with banking institutions such as HSBC.

Now let me absorb a few annual on our Europe and Africa segment. Revenues in this articulation were bottomward 4% this accomplished quarter. This abridgement was in band with our expectations and was apprenticed by the ahead mentioned altering abridgement and ATM removals in the United Kingdom. We additionally accomplished a same-store transaction abatement of 4% in the UK for the quarter, which was absolutely a little bigger than the market. If you adapt for the altering abridgement that began in July and the ATMs we removed, our revenues in the Europe and Africa articulation would accept been about collapsed for the quarter.

Obviously, the UK is a headwind for us now and aing year accustomed the changes accomplished by LINK, but we will beef through this over time with operational and artefact enhancements, aloof as we accept in the U.S. We’ve apparent complete after-effects in some of our pilots breadth we switched ATMs from free-to-use to pay-to-use.

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We’re currently evaluating alive up to 4,000 added ATMs to pay-to-use aing year afterwards the aing currently appointed altering aggregate abridgement takes effect. We will abide to adviser the advantage of all ATMs with an eye appear affective locations, modifying appraisement strategies, blurred costs and maximizing acknowledgment on capital.

Outside of the UK, we abide to see cogent advance in our Germany, Spain and South Africa businesses. Each of these businesses already afresh grew at double-digit ante this accomplished quarter. In Germany, we are in the action rolling out ATMs at Complete locations that we talked about aftermost quarter. And that new relationship, alternating with added advance opportunities, will abide advance in this bazaar for the aing several quarters.

We are additionally seeing added absorption with banks in this bazaar to potentially advantage our arrangement to accommodate branding and surcharge-free casework to their customers. Spain continues to abound nicely, primarily at day-tripper locations. Our aggregation there is absolutely assuming well, and the new sites we are abacus are accidental bound to profits.

Our business in South Africa continues to abound rapidly with new arch retailers and banking academy partners. During the quarter, we added a new accord with Massmart, a assay of Wal-Mart and South Africa’s second-largest retailer, breadth we are installing our machines in 381 of their stores. We additionally abide to abound with Shoprite, Africa’s bigger aliment retailer, breadth we accept already installed 212 new ATMs and accept affairs to add accession 150 throughout 2019.

On the banking academy side, we commenced our accord with Old Mutual, one of Africa’s arch banking casework firms. As a aftereffect of antecedent acknowledged pilot, we are now installing machines in all Old Mutual branches. We can see a adequately connected aerodrome of double-digit advance in this market. In summary, we are aflame about the abounding new bartering wins in our Europe and Africa advance markets and apprehend to accept added announcements in the advancing periods.

Regarding our Australia and New Zealand markets, revenues were bottomward about 10% for the assay on a connected bill basis, which is adequately connected with the aboriginal 6-month results. Not antithetical to the UK, we are muscling through the headwinds but accept our ample network, calibration and operational capabilities will prove to be a able asset for this country as banks amend their concrete footprints.

Our abstracts suggests over 1,000 ATMs accept been removed over the accomplished year. And over time, we should be able to abduction transaction allotment and body business via our arch attendance and approaching artefact enhancements. In summary, we had a solid assay operationally apparent by advance in chargeless banknote breeze and connected amoebic advance in North America.

Our unparalleled arrangement has had a history of active abundance cartage at arch retailers, and we are now alone alpha to abduction the befalling as a band-aid provider for banking institutions. As we acuminate our aggregate hypothesis and sales effectiveness, FIs are alpha to admit the acceptation of our arrangement as a agency to abound customers, advance assurance and drive efficiencies. Our aplomb is growing, and we are attractive advanced to administration this with you and accouterment an amend on our articles and longer-term business affairs at our Broker Day backward in the aboriginal assay of aing year. And Gary, over to you.

Gary Ferrera

Thanks, Ed, and welcome, everyone. Afore I epitomize the third assay results, I’d like to highlight a brace of factors that are impacting allegory to the above-mentioned year and the accepted quarter. First, while the 7-Eleven deconversion began in Q3 of 2017, the majority of the 8000 7-Eleven ATMs connected to accomplish on our belvedere during the third assay of 2017. This is not new annual but aloof a admonition aback attractive at the after-effects on an as-reported basis.

Also, as ahead discussed in July 1 of this year, the aboriginal appointed 5% abridgement to the LINK altering aggregate in the UK became effective. This aggregate change abnormally impacted adapted EBITDA in the third assay by about $3 actor and is decidedly cogent aback attractive at the year-over-year after-effects in our Europe and Africa segment.

As a reminder, there will be a agnate EBITDA headwind of about $3 actor in Q4. The added 5% abridgement is accepted to booty aftereffect on January 1. And aback accumulated with the contempo reduction, we would apprehend it to be a year-over-year headwind in 2019 of about $15 actor to $17 million. This will acutely be added heavily abounding to the aboriginal bisected of the year as the aboriginal aggregate abridgement became able on July 1 of 2018.

Now with that background, let me epitomize the quarter. Starting with the top line, circumscribed acquirement was a $340.2 actor for the quarter, bottomward 15% as reported. Adjusting for the appulse of 7-Eleven on a connected bill basis, complete acquirement was bottomward 1%. Advance in our North America ATM operating revenues, excluding 7-Eleven, was primarily annual by declines in the UK and Australia.

Moving bottomward the assets statement. Our circumscribed adapted gross allowance for the assay beneath 160 abject credibility to 33.7% compared to 35.3% in Q3 2017. The aggregate of the accident of a high-margin 7-Eleven annual in the U.S. and the UK LINK altering aggregate abridgement collection the year-over-year decline, and we were able to partially annual this abatement through operating efficiencies.

We appraisal that the accumulated appulse of these two factors accounted for finer all of the year-over-year allowance decrease. SG&A costs were bottomward about 9% for the quarter. We abide to optimize arbitrary spending but abide committed to advance in new artefact development.

Additionally, we abide to advance in our infrastructure, and in particular, areas such as advice aegis to ensure we always advance top-tier security, which, of course, is axiological to our business and advance strategy. Adapted EBITDA for the third assay was $77.4 million, bottomward 23% from Q3 2017 and of advance impacted by 7-Eleven and the LINK altering abridgement in the UK.

Excluding the appulse of 7-Eleven, we appraisal that adapted EBITDA would accept been up in the quarter, alike with the LINK altering reduction. Affective to basic expenditures. Third assay 2018 CapEx was $26.7 actor and primarily consisted of new ATM placements, ERP investment, appointment relocations as allotment of our appointment brand cause and aegis upgrades. Our complete absorb for the aboriginal nine months of the year was $73.4 million, bottomward from $111.4 actor in the aforementioned aeon aftermost year. We abide to appraisal that we will end the year with about $115 actor in complete CapEx.

Adjusted chargeless banknote breeze for the assay was $47.8 million, up from $38.1 actor in Q3 2017. Adapted chargeless banknote breeze of $85.5 actor for the nine months concluded September 30, 2018, exceeds our banknote breeze of $52.9 actor for the aforementioned aeon aftermost year. Added importantly, the banknote breeze for the aboriginal nine months of 2018 already exceeds the aggregate generated for all of 2017.

Moving to the antithesis sheet. Our net advantage arrangement for the assay was 2.7 times, a slight uptick from 2.6 times in Q2. This advantage arrangement abacus uses the aforementioned analogue as the complete net advantage arrangement agreement in our revolving acclaim facility. The slight uptick in complete net advantage was accepted due to the 7-Eleven deconversion.

However, this was mostly annual by a abridgement in net debt outstanding as we paid bottomward $46 actor on our revolving acclaim adeptness this quarter. Outstanding borrowings on our $400 actor revolving acclaim adeptness at the end of September now complete aloof $31 million. We abide to accept advantageous allowance on all of our covenants and our outstanding debt agreements.

Early aing year, in affiliation with our Broker Day, we plan to accord added advice on basic allocation priorities. Our GAAP tax aggregate for the assay was 47% on pretax GAAP net assets of $16.6 million. This aggregate continues to be abnormally impacted by assertive elements of contempo U.S. tax reform, decidedly absorption answer limitations, which accept a asymmetric appulse on the aggregate at lower assets levels, and we are currently evaluating opportunities to abbreviate this impact.

We abide to apprehend a longer-term GAAP tax aggregate in the mid-20s range, which is what our accepted non-GAAP tax aggregate reflects. One added bulk that we had mentioned ahead was the advancement of our ERP system. I am admiring to advertise that we went alive with the new belvedere in Q3 with our UK operation and globally for animal resources. We’re on clue with breadth we accepted to be at this time and are planning to go alive with best of our North American operations in 2019.

Now let me about-face to our angle for the year. The third assay after-effects were afresh solid and bigger than we anticipated. Our U.S. operations, in particular, were stronger than accepted on both the top and basal line. Additionally, Australia abide to accomplish a little bigger than our antecedent expectations, and SG&A absorb is additionally hardly lower than anticipated. As a result, we are adopting our abounding year angle and absorption our ranges.

We now apprehend the following, revenues of $1.31 billion to $1.34 billion, up $30 actor at the basal end and up $20 actor at the top end of the range; adapted EBITDA in a ambit of $283 actor to $290 million, up $13 actor at the basal end and $10 actor at the top end of the range; and adapted EPS now in the ambit of $2 to $2.05.

This advice implies that the fourth quarter, which showed the weakest annual allegory about to the above-mentioned year, so we anticipation we should accommodate greater detail. But aboriginal to put things into perspective, I will altercate the seasonality of our business.

Typically, we apprehend our revenues to be arch in Q2 and Q3 as consumers in our bigger markets are out transacting in greater numbers during the summer months, and Q4 after-effects should be – should commonly be a little college than Q1 due to the anniversary arcade season.

However, as we’ve mentioned on antecedent calls, adapted EBITDA of $68.6 actor in Q1 of 2018 was agreeably impacted by about $6 actor due to the aggregate of favorable acreage tax assay and a bill tailwind. While Q1 had these favorable tailwinds, Q4 2018 is accepted to accept a analogously sized abortive appulse due to the about $3 actor hit from the 5% abridgement in LINK altering fees as able-bodied as what has now become a bill headwind which we are forecasting at about $2 million.

Additionally, there are several items accepted to appulse Q4 that will afield appulse EBITDA against the above-mentioned year. These items cut beyond several P&L curve in both bulk of sales and SG&A. The bigger of these impacts relates to the timing of allowance recoveries from accustomed disasters in Q4 of aftermost year, alternating with all-embracing accident – all-embracing allowance and accident administration changes.

We are additionally assured college year-over-year aliment bulk due to bell-ringer credits accustomed in Q4 of 2017 as able-bodied as hardly college SG&A spending accompanying to our advance initiatives. One final agenda apropos absorption rates. While ante are continuing to acceleration beyond best of our markets, we don’t see that actuality a actual headwind for us in Q4 or into 2019, primarily due to hedges that we accept in place, alternating with acknowledged rights and added operational levers.

With that, let me about-face it aback over to Ed for some final comments.

Edward West

Thanks, Gary. Afore axis the alarm over to the abettor for questions, I would like to booty a minute to acknowledge Dennis Lynch for his decade of annual on our Lath of Directors confined as Chairman for the aftermost eight years. He has done an absolutely admirable job administering 300% additional advance and was active in shepherding the CEO alteration this accomplished year.

I’m additionally admiring to accept the account to assignment with Mark Rossi in his new role as Chairman of the Board. Mark has been a agitating lath affiliate for the aftermost 8 years and brings a able broker mindset to the Chairman role with his accomplishments of both founding and architecture a clandestine disinterestedness aing and ahead confined as President of Prudential Disinterestedness Investors.

Operator, let’s about-face it over to you to accessible up for Q&A session.

Question-and-Answer Session

Operator

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Thank you. [Operator Instructions] Our aboriginal catechism comes from the band of Tim Willi of Wells Fargo. Your band is open.

Timothy Willi

Hi, acknowledgment and acceptable afternoon Ed and Gary. A brace of questions. Cardinal one, aloof array of action aback to the managed casework comments you made. I anticipate you said the 2500 banks in the U.S. are now, I guess, alive with you – or 2500 ATMs beyond banks.

I’m analytical what you anticipate about like your sales and business assets and go to bazaar with that effort. Could you aloof array of allocution about breadth you’re at or breadth you anticipate you can still go in agreement of the manpower and the activity abaft growing that aspect of the business?

Edward West

Sure. Acknowledgment and acceptable afternoon. And afresh the managed casework is yet one band-aid that we accept to offer. And as I’ve mentioned in my comments previously, I anticipate we accept a actual altered hypothesis to action in our conversations and a complete solutions for banking institutions.

Frankly, whether it’s growing a chump base, accepting added assurance with their barter but additionally active efficiencies, managed casework could be an adeptness opportunity, as you know. On the managed services, we accept about 2500 in the U.S., a connected history of that. We’ve been abacus added beforehand this year.

I would say that authentic artefact is apparently at the beforehand date of befalling as banks connected to affectionate of footfall aback and – of all sizes, footfall back, rethinking their antecedence on breadth they appetite to put their capital, and frankly, investments and added agenda opportunities and absolution accession like ourselves, who is the bigger ATM abettor in the apple and the calibration and adeptness we can accompany alternating and operating knowledge, to bear aftereffect there.

I would say, for us, I anticipate breadth there’s alike added value-creation befalling is absolutely that aggregate basement that we accept and bringing alternating solutions, surcharge-free solutions like Allpoint, surcharge-free solutions and branding and action to key retailers breadth America shops day in, day out already and leveraging that infrastructure, both for the allowances for the banking institutions and their customers, I anticipate is yet accession accumulated opportunity.

Timothy Willi

So would you say in agreement of like absolutely accepting that bulletin out to the market, I assumption I’m analytical aback you anticipate about whether it’s acquaintance of Allpoint to consumers, whether it’s your own array of anxiety on the artery salespeople that are action out and calling on banks or calling on these partners.

Is that an breadth where, as you anticipate about your spending associated with advance initiatives that the assets allocated to these types of articles and services, you would apprehend to advisedly abound that, those – that headcount, that sales force, whatever, 20%, 30%, 40%? Or do you feel like you accept the appropriate array of assets abaft it, analysis, authoritative them added advantageous and absolution the bulletin activate to bell a lot added into the end market?

Edward West

Based on the conversations we’re having, we’ll be advance added as we appropriate the opportunity, and we accept we’re at the aboriginal stages of that. As we both clarify our aggregate proposition, the sales force effectiveness, the product, that solution, we’re aloof accepting abundant more, as I’ve mentioned, cardinal conversations with banking institutions.

So we see added of an advance there accumulated with added investment. And frankly, we’re accelerating some of that this assay based on some of the chat in assorted products. And we absolutely attending advanced to showcasing some of that aboriginal aing year.

Timothy Willi

Great. And afresh my added catechism is on international. I anticipate you’ve referenced Spain, Germany, South Africa markets, breadth you’re seeing actual nice progress, growth, et cetera. Is annihilation – are there any new geographies where, as you’ve array of gotten added success in those three and et cetera that are on the cartoon board?

I apperceive you’ve pulled aback from some markets breadth the allotment on capital, et cetera aloof didn’t attending like they’re action to absolutely hit your hurdles. But are there added markets breadth they allotment the aforementioned affectionate of characteristics, Spain and South Africa or Germany, breadth you would feel appealing assured about demography the business archetypal into some new geographies?

Edward West

There are, but our complete focus appropriate now is on in the markets breadth we are advance in the product, our capabilities, abilities and active assets there and convalescent our all-embracing after-effects in banknote flow. I anticipate it aloof absolutely ties aback to, and it’s in the supplement that we put out there, those priorities that we outline for the aggregation this year. And we are advanced and centermost focused on that and active on those priorities and carrying the results.

Timothy Willi

Great. That’s all I had. Acknowledgment so much.

Edward West

Alright. Acknowledge you.

Operator

Thank you. And our aing catechism comes from the band of Andrew Jeffrey of SunTrust. Your band is open.

Andrew Jeffrey

Hey, guys. Acknowledgment for demography the question. Ed, aback I attending at your U.S. performance, in particular, it was appreciably stronger than what I was anticipating. And I apperceive you ran through some of the drivers. I admiration if you could aloof maybe ameliorate it a little added for us. Allpoint and all of its array of monetization forms, same-store sales, whether there was maybe some college accession from branding and whether there’s a statistical aspect to any of these two.

I’m aloof aggravating to accept the variance. And obviously, the allegory to a year ago affectionate of makes the accomplished – makes the numbers a little wonky. So any blush or advice there would be great.

Edward West

Sure. And thanks, Andrew. And acceptable afternoon. Your point is appropriate and exceeded our expectations. And as I anticipate also, which affectionate of fuels some of our activity about the business and what we’re seeing, it was beyond the lath there in the North America articulation breadth Allpoint, the growth, we accept double-digit surcharge-free advance abundantly apprenticed – the bigger basic on that was advance in Allpoint.

And I anticipate one of the points, as I’ve mentioned, is absolutely important to agenda that I mentioned on my antecedent comments is that advance is not aloof from abacus new banking institutions to Allpoint but additionally bigger assurance with our accepted customers, an acquaintance and transaction driving, alive with both the retailers and the banking institutions on a actual aing basis, authoritative abiding there’s acquaintance of what they have, what’s in their wallet, their adeptness to use that, whether they’re walking into a retailer, maybe out of the gas pump, see signage or on a agenda belvedere from the bank, giving acquaintance to their customers.

So that’s been a allotment of the advance as well, and we feel like we’re at the aboriginal stages of that. But the advance was beyond the platform. All retailers benefited from it. There was advance in the coffer branding. As I noted, we had already appear Coffer of the West, but afresh additionally accepting Aboriginal National Coffer of Omaha appear on and others will advance to added advance action forward. So that band account was up.

But we additionally saw surcharge. Customs connected to be a little bit bigger than we anticipated. It was bottomward hardly but still bigger than we anticipated. Again, I accept that’s from a absolutely able economy, benefiting all socioeconomic levels in the country. And we’ve acutely apparent the account of that beyond our retailers. So Andrew, it’s beyond the lath on best fronts and afresh additionally advancing affectionate of bulk administration in the business.

Andrew Jeffrey

Okay. Acknowledge the blush on that. And afresh as a follow-up, I don’t anticipate DCC in Europe has absolutely been a focus of the company. And with Visa’s advertisement now that it will acquaint DCC aing year, is that article you’re cerebration about? And can that be a disciplinarian for Cardtronics?

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Edward West

Yes. So yes, we are cerebration about it. And we accept there will be – that, that will be complete with the changes with Visa. But I anticipate it’s – well, aboriginal of all, as we’ve talked about afore and in our Q, DCC, overall, was about 2%, represents appropriate about 2% of our revenues. So your point is not that significant. And you additionally charge to attending at our platform. We’re mostly calm in the markets that we serve, and best of the barter are calm against aerial absorption of tourism, but that doesn’t beggarly that we don’t accept that opportunity.

So I anticipate it will be a benefit. It is a focus, and I anticipate we’ll see some account from that. I anticipate it’s additionally important that – to agenda that there are – Visa did put alternating some changes in both altering as able-bodied as access fees and mitigates some of those abeyant benefits. But net-net, it will be a positive. And we’ll allocution added about that aing year.

Andrew Jeffrey

Terrific. Acknowledge you.

Edward West

Thank you.

Operator

Thank you. Our aing catechism is from the band of Kartik Mehta of Northcoast Research. Your band is open.

Kartik Mehta

Hey, acceptable black guys. I apperceive one of the focus for Cardtronics has been outsourcing, and I’m apprehensive if – what admeasurement of banking institutions you’re currently focused on in agreement of outsourcing opportunities.

Kartik Mehta

Good afternoon, Kartik. So on the outsourcing, I anticipate you’re apropos accurately to the managed casework band-aid that we’ve talked about. I would say acutely there’s benefit. And as I’ve mentioned in my altercation earlier, we’re over 3600 ATMs are currently – breadth we’re accouterment casework to, which ambit from some of the bigger banks in the apple to some of the smallest.

So it’s beyond the abounding spectrum. Breadth apparently banks with aloof a scattering of locations probably, the beneath of a focus, aloof due to authentic calibration and opportunity, but it’s beyond the spectrum. And we absolutely charge to focus on breadth there’s alertness and accessible to accomplish a accommodation and see the allowances of accomplishing that. So that’s aloof absolutely from a sales aggregation and aloof authoritative abiding we’re prioritizing breadth there’s the artlessness and alertness and added of a afire need.

Kartik Mehta

So is Windows 10 a agitator in this? Or accept you apparent an access in appeal or aloof what banking institutions appetite to do because of that? Or is it some added driver?

Edward West

I anticipate that’s one. I mean, there’s a lot of questions about that, on Windows 10 and bodies application that because they know, yet again, you got to accomplish accession investment, accession advance in software, accession upgrade. And Windows 10 is aloof accession brick on the bulk as banking institutions may be because it.

So in that opportunity, yes. We would booty that on, handle that, and we are a band-aid to that awaiting issue. And obviously, the manufacturers put that out there authoritative abiding that’s advanced and centermost in folks’ face.

Kartik Mehta

And afresh aloof one aftermost question, Ed. From what I to understand, I anticipate LINK accustomed a baby altering access because of what’s accident to absorption ante that I accept will go into aftereffect as of November 1. What’s the account of that for you in agreement of offsetting some of the abatement that they’ve put forth?

Edward West

Gary, you appetite to–

Gary Ferrera

Yes. I mean, Kartik, that’s – it’s not a actual number. I did see your address advertence that, but we’re not talking ample numbers actuality at this time.

Kartik Mehta

Thank you actual much. Acknowledge it.

Edward West

Thank you, Kartik.

Operator

Thank you. Our aing catechism is from the band of Robert Napoli of William Blair. Your band is open.

Robert Napoli

Thank you. Acceptable afternoon, Ed, Gary, Brad. Team, nice job on the quarter.

Edward West

Thank you.

Robert Napoli

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Execution. Nice to see. The – can you – what is the mix? Can you admonish me what the mix is amid – aback you attending at the coffer branding and surcharge-free, the Allpoint arrangement of that acquirement stream, how abundant – can you accord an abstraction of how abundant is which?

Edward West

Yes. We haven’t talked accurately about the breakdown in that, but they’re both in there and growing. And that’s why you see that – the acquirement advance in that – to that class affectionate of continuing out a little bit. We’re aloof seeing nice absorption and allure in those two areas. And obviously, some of the affairs and the account additionally appearance up in altering as well. It’s not all in that category, some altering because acutely from an Allpoint transaction.

Gary Ferrera

Yes. That’s why we don’t affectionate of breach it out calmly in a page. It’s advance beyond a brace of altered band items.

Robert Napoli

Okay. Acknowledge you. And afresh aloof on the managed casework allotment of your business. How – do you charge to – in adjustment to become abundant beyond in the business, is there a cogent advance that you charge to accomplish in your accepted technology? Or what do you charge to advancement as you attending to become added of managed casework for banks and added banking institutions?

Edward West

Yes. It’s – we’ve been advance this accomplished year on that from a banking academy standpoint. I anticipate we’ll abide on that path. I don’t – there’s absolutely nothing. There’s like some ample aggregate item. It’s absolutely aloof growing with calibration and accepting the capability, the locations, time zones, awareness. Obviously, it’s 24/7 complete acquaintance and responsiveness, advice security. We’ve absolutely been advance a fair aggregate there this accomplished year of continuing to accept that breadth banks analysis that.

Obviously, we go through lots of audits with banking institutions all over the world, so – which is a positive. So I aloof think, Bob, it will aloof be advancing investments, that calibration with the business. And over time, that will hopefully abide to add calibration to our operation.

Robert Napoli

And afresh maybe aftermost question. Aloof – I apperceive you accept an Broker Day advancing up and earnings. But aloof any types of thoughts about abiding angle or what the appropriate – what the advance aggregate should be of this company? And should we apprehend to see added – a lot added advance advancing from non-asset-intensive genitalia of the business, beneath ATMs, concrete endemic ATMs added as a allotment of that outlook?

Edward West

Yes. It’s a abundant question. Appropriate now, acutely we’re focused on active and absolutely attending advanced to talking added about that at that Broker Day and admit absent to accept some abiding targets, what the bread-and-er archetypal looks like, the artefact mix and how that looks altered action forward. And so we’ll go into some detail at that discussion, but it would be affectionate of abortive to go into that today.

Robert Napoli

Thanks Ed.

Edward West

Thank you.

Operator

Thank you. [Operator Instructions] Our aing catechism comes from the band of Reggie Smith of JPMorgan. Your band is open.

Reginald Smith

Hey acceptable black acceptable afternoon.

Edward West

Good black Reggie.

Reginald Smith

Congrats on the quarter.

Edward West

Thank you.

Reginald Smith

I acknowledge the blush on the managed casework number. I assumption my catechism – aggravating to accommodate that 3000ish ATM amount that you provided for managed casework with, alarm it, 138,000 ATMs endemic in the supplement and aloof aggravating to amount out what the basin – and that’s the U.S. figure, North America figure. What’s the basin there? Are those aloof processing relationships or just.

Edward West

Yes. You nailed it. So they’re all in there. The lion’s share, that is the processing alone breadth we action for – whether it’s a banking institution, retailers, lots of added institutions for abounding dealers about – predominantly out of the U.S.

Reginald Smith

Got it. And I assumption – so cerebration about – I attending at that cardinal and I see the managed allotment is so small. Affectionate of what’s – what would be the issue? Or is it article that you’re targeting to anon do added managed casework with those 135,000 ATMs that you’re already processing for? Like is that the added actual opportunity? Or is the managed allotment added the big coffer opportunity? I mean, how should we anticipate about that?

Edward West

Yes. The managed casework opportunity, the complete band-aid that I anticipate that you’re cerebration about in agreement of outsourcing against what the aggregation has historically alleged in that category, which is the processing, which is for independents, for dealers, through CDS, I would say on the advance breadth about – breadth you’re cerebration is about managed casework with banking institutions.

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And so we would attending at as a complete band-aid for them to breadth we can handle or administer their off-premise, their on apriorism or accompaniment that additionally with branding presence, with surcharge-free. And afresh managed casework aloof may be one band-aid for them as they appetite to apparently accumulate some of the ATMs anon against in accession to – or in addition, accommodating in a aggregate infrastructure.

Reginald Smith

Got it. And so the 3000 that you talked about affectionate of–.

Edward West

Reggie, are you still there?

Reginald Smith

Yes. Can you apprehend me?

Edward West

There you are. Yes.

Reginald Smith

Yes, sorry. And so I assumption the 3000 ATMs that you accent tonight attending added like what you aloof talked about with the banks, breadth it’s added of an outsourced-type model.

Edward West

Yes. It’s accurate. For banks and acclaim unions on either on premise, off-premise area or alike an ATM that they appetite to accept [ph] their aggregate chump of endemic that will accomplish for them. So predominantly that coffer on – either on apriorism or off-premise.

Reginald Smith

Understood. Okay. Acknowledge you. And afresh I assumption a aftereffect question. Aloof affectionate of attractive at – you guys accommodate as best you can, like a apple-pie acquirement advance number, amoebic FX-neutral, and it’s been affectionate of bumping about in the low single-digit range. And I apperceive acutely you’re not accessible to accord ’19 advice or abiding outlook.

But like what are the things we should be cerebration about? I mean, is that a fair run rate, you think, or jumping-off point? Because I assumption we’re action to alpha to annualize 7-Eleven absolutely appealing soon. And so aloof is that a fair run aggregate to affectionate of anticipate about the business?

Gary Ferrera

Yes. Reggie, it’s Gary. That said, we’ve got an Broker Day advancing up in the spring, and we’ve been appealing bright about – that we would accord this year’s advice and focus on and accepting things beeline actuality and operational, and we’ll accord added advice in the future. As you can see, it’s been accomplishing able-bodied the aftermost brace of quarters, but it has bounced about a little bit. And I anticipate it will booty us a little bit best afore we’re adequate putting it over the abiding advice on that.

Reginald Smith

That makes sense. Okay. And afresh if I can get one aftermost in. Cerebration about gross margins, acutely you guys are aggravating to go out your managed casework and 7-Eleven rolls off with college gross margins. What can you do at this point? Or should we anticipate about the mix gradually adopting that gross allowance profile? Affectionate of breadth do you anticipate that cardinal can go or settle?

Gary Ferrera

Well, remember, we’ve got a brace of headwinds that would be impacting gross allowance or EBITDA margin. We’ve got the bearings with LINK, which, as I mentioned, this year is about $3 actor a quarter, and you’re action to accept that two abode in this year. It will accession afresh in January 1. So there’s action to be accession 5% access there.

So that’s accession – aback you hit Q1 of aing year, that’s action to be $6 actor year-over-year impact; and in Q2, $6 million. And afresh acutely you’re rolling into what happened in the antecedent year. So that is a big headwind aing year. And we’ve had some tailwinds this year, obviously, with FX. And I ahead mentioned in the aboriginal bisected of the year about $6 million, aloof due to some acreage tax reversals.

So action into the aboriginal bisected of aing year, there’s a brace of headwinds. But on the cast side, already we get added adequate with what the advance ante are that we can allocution to you about, that’s what we’ll allocution about aback we get to the Analyst Day.

Reginald Smith

Perfect, acknowledge you. Congrats on the guys.

Gary Ferrera

Thank you.

Edward West

Hey acknowledge you actual much, Reggie

Operator

Thank you. And at this time, there are no added questions. I’d like to about-face the appointment aback over to Mr. Ed West, CEO, for closing remarks.

Edward West

Well, great. Well, acknowledge you all actual much. We acknowledge your abutment and attending advanced to affair with you afterwards the aboriginal of the year. And again, one aftermost time, I’d like to acknowledge Dennis Lynch for his admirable annual to both the company, the Lath of Directors and the shareholders of Cardtronics. Acknowledge you actual much, and accept a abundant day. Bye.

Operator

Ladies and gentlemen, acknowledge you for your accord in today’s conference. This does achieve the program. You may now disconnect. Anybody accept a abundant day.

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